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USD/CAD May be a Bit Frothy Up Here; Beware a Pullback from Channel

By , Sr. Technical Strategist
30 October 2013 22:11 GMT

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD May be a Bit Frothy Up Here; Beware a Pullback from Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCAD formed an outside week last week. In fact, last week’s price range engulfs the prior 3 week’s price range and takes out the prior 6 week’s highs. The market has responded well to long term trendline support.

-The current rally has reached channel resistance (upward) along with the key reversal close from 8/23 (1.0495).

Trading Strategy: Wanted 1.0420 order triggered before the run above 1.0470. Sitting tight for now.

LEVELS: 1.0390 1.0418 1.0440 | 1.0495 1.0547 1.0608

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30 October 2013 22:11 GMT